GLOBAL SHARED MOBILITY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global Shared Mobility Market Size and Trends

The shared mobility market is estimated to be valued at US$ 318.32 billion in 2024 and is expected to reach US$ 732.20 billion by 2031, growing at a compound annual growth rate (CAGR) of 12.6% from 2024 to 2031. The increasing preference for carpooling and ride-sharing services over private vehicle ownership, especially among the millennial population is driving the growth of this market.

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The market trend in the shared mobility space has shown tremendous shift towards sustainability and environmental friendliness in recent years. Major players in this market have invested heavily in electric vehicles and infrastructure to provide emission-free transportation options to consumers who are increasingly demanding greener solutions. Shared mobility services allows higher vehicle utilization which reduces emissions overall.

Rising congestion and pollution in cities

With rapid urbanization and more vehicles on road, cities around the world are struggling with increased traffic congestion and deteriorating air quality. traffic congestion costs certain major cities hundreds of hours in lost productivity annually due to time wasted in traffic jams. At the same time, vehicular emissions are a major source of air pollution in most urban centers. Nitrogen dioxide and particulate matter from vehicle exhaust are posing serious health risks. Shared mobility options are emerging as an effective way to reduce both these problems. When commuters switch to shared rides, bikes, or public transport, it results in fewer solo trips in private vehicles. This reduces the number of vehicles on road and helps ease traffic. It also curbs pollution as fewer vehicles mean lower emissions. As emissions from a single shared vehicle are distributed across multiple passengers, the per person pollution comes down significantly. With growing public awareness about climate change and environment protection, more people are inclined towards choosing shared transport modes for daily commute which produce lower carbon footprint than private vehicles. For policymakers in cities, promotion of shared mobility becomes important from perspectives of managing congestion as well as achieving environmental and sustainability goals.

Advances in location-based technologies and connectivity have enabled the rise of digital platforms that connect drivers with passengers on-demand. Ride-hailing apps and peer-to-peer car sharing apps have made it extremely convenient to opt for shared mobility instead of owning a private vehicle. With just a few taps on the smartphone, commuters can now book a cab, shared rides, bike or scooter anytime, anywhere. Companies providing these on-demand services ensure adequate availability of vehicles across city centers through fleet operations. Digital payment options further simplify the usage. The smartphone acts as a single interface to access different mobility services. As connectivity and app-based services continue spreading to smaller cities and towns, more people are experiencing the ease of shared transportation driven by technology. The flexibility and accessibility offered through online platforms is driving significant shift away from private vehicle ownership especially among the younger generation. This has fast emerged as a major driver boosting shared mobility usage globally.